Credit scores need a little more explaining when it comes to a mortgage. What’s “good enough” credit for a loan? What elements influence your credit score? How do you raise your credit score?
0:48 – What’s a credit score? …How likely are you to pay back a loan?
1:35 – Most lenders use a FICO 8 score. Car loan credit is different than mortgage loan credit.
2:16 – How credit scores are computed. Mostly payment history and credit utilization. Then age of credit, credit mix, and inquiries.
2:26 – Payment history is the biggest one. Good payment history means you’re paying on time and if you have “derogatories” (lates, and delinquents).
3:35 – Explanation of the biggest elements of credit: history, credit utilization, and length of credit.
5:00 – You’re not responsible for fraud in your credit.
6:30 – If you want to work the system like a credit ninja, pay down your credit utilization to 50%, 30% or 25% a week BEFORE your bill is sent. DO NOT pay off your credit before your bill comes.
8:15 – Get 2 credit cards to build your credit.
9:25 – Types of credit. Revolving credit builds your credit fastest.
11:45 – Number of inquiries. What’s a soft pull? What’s a hard pull?
14:24 – Some examples. 580 credit score. Foreclosures are WAY more common with a 660 credit score or lower.
17:54 – Getting a loan with no credit…it’s expensive and painful. Credit scores allow you to get a loan the quickest, the easiest, and the most cost effectively.
20:13 – 640 credit score example. Better loan than 580 credit score, but still not great loans.
20:57 – 740 credit score example.
22:07 – 780 credit score example. Is an 820 better than a 780? In lending, no. But you feel better about yourself!
23:47 – To raise your score, contact your lender, and do what they tell you to do. “I fix credit for tacos.”
24:29 – What’d we learn today?
24:55 – Like, comment, and subscribe, and your credit score will go up a million points.
25:18 – Bloopers.
How good is my credit score for a mortgage? 
I fix credit for tacos. 
Foreclosure risk by credit score. 
Credit composition is composed of 5 categories.
*No scores were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.